"Trump lies to his supporters. He says: 'I am a successful businessman, that's why I can run this country better than anyone else. I'll make you rich because I'm rich.' Then it turns out it's a scam. He lost more money than anybody else in America apparently," Williams said on "The Five."
The New York Times reported Tuesday, citing tax records, that Trump claimed more than $1 billion in losses from his real estate business between 1985 and 1994, but the president claimed Wednesday this was a common practice for developers during that time and largely represented depreciation.
On Wednesday, Trump called the story "highly inaccurate" and downplayed the red ink in the documents.
Co-host Greg Gutfeld defended Trump saying: "He's also made more money. That's what happens. It goes up and down."
Williams did not buy Gutfeld's argument.
"Let's just pay attention to the fact that the president of the United States may have in fact engaged in tax fraud, bank fraud," he said. "These are serious considerations."
Williams maintained that Congress should have access to the president's tax records in order to see if the leader could have been compromised by or vulnerable to a foreign entity like Russia.
Co-host Jedediah Bila jumped in and argued that Trump's financial rebound was the story and that no one could deny the president's "booming economy.'
Bila also noted that her parents had experiences running a business, and it could sometimes be difficult.
Williams argued it was different, calling Trump's situation "socialism for the rich."
"It's not like your folks, because this rich kid had a big daddy to come in and bail him out."
Fox News' Ronn Blitzer contributed to this report.